Firm debut for Econpile on Main Market (Update)

KUALA LUMPUR: Econpile Holdings Bhd made a firm debut on the Main Market of Bursa Malaysia on Monday when it opened at 66.5 sen, which was 12.5 sen above  price of 54 sen.

At 9.05, the piling and foundation-based company's shares was up 9.5 sen to 63.5 sen.

Turnover was 37.51 million shares, with the shares trading between 63.5 sen and 68.5 sen.

The FBM KLCI fell 1.32 points to 1,879.61. Turnover was 100.98 million shares valued at RM73.81mil. There were 145 gainers, 85 losers and 151 counters unchanged.

Under its listing exercise, its public tranche of 27 million shares was oversubscribed by 35.4 times.

For the IPO, the group issued 90.0 million new shares and it is scheduled to be listed on Monday, June 30.

It received 24,663 applications for 982.7 million shares with a total value of RM530.70mil.

BIMB Securities Research has a target price of 73 sen, which is an upside of 34.4% above its offer price of 54 sen.

The research house said Econpile, which provides a full range of piling solutions and foundation works nationwide, is expected to benefit from the booming construction and property industries.

For the IPO, the group issued 90.0 million new shares.

BIMB Research said Econpile's outstanding orderbook was RM450mil comprising of five projects lasting over the next two years. Nearly 90% are property centric projects and the rest infrastructure based.

It projected around RM300mil in orderbook replenishment for FY15 on the back of the tender book of about RM2bil.

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